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To: LiamCK who wrote (13720)	8/2/2000 11:38:27 PM
From: SJS	Respond to of 14427

In keeping with your SOX theme.....here's an interesting tidbit on that from tonight's Briefing.com message... _________ Two of the most distressing developments are the lackluster performance of sector leaders such as Cisco (CSCO 60 15/16 -2 1/4), Oracle (ORCL 73 1/8 unch), Dell (DELL 39 9/16 -2), Applied Materials (AMAT 72 9/16 -2), Microsoft (MSFT 69 3/8 +11/16), Yahoo! (YHOO 127 1/8 -5/16) and Amazon (AMZN 30 13/16 +9/16) and the declines in the chip and chip equipment sectors in the face of very good earnings numbers... The former wasn't hard to forecast given full valuations and overextended technicals... The latter is more surprising, especially considering that the future guidance has been generally bullish. SOX (Philadelphia Semiconductor Index) nearing pivotal support at its 200-day moving average... Over the past few years, the index has rebounded sharply on each test... However, this time looking a little different in that short-term moving averages are beginning to roll over... They have yet to send any confirming bear signals, but the tone doesn't look that good... That's why it its imperative that the chip sector stages a rebound but quick... We still think that's what the sector will do given the combination of strong earnings growth and (now) compelling valuations, but if it doesn't happen soon traders will begin to pound the group even harder. Place your bets, ladies and gents...